The RBI’s recent move has transformed one of India’s most overlooked deposit products into a high-yield opportunity for NRIs. Fixed returns for NRIs have nearly doubled within a month to as much as 7%. This well-tested move offers a two-pronged solution: draw foreign currency back home and help banks with steadier deposits. Here’s how the move works, why it has succeeded before, and what it means for the rupee, for banks, and for the NRIs it is aimed at.